Liverpool co-owners Tom Hicks and George Gillett have reportedly completed their refinancing deal to retain control of the club.

The Americans are said to have finalised terms on a new £350million loan and are expected to make a formal announcement shortly.

The £350million will be used to repay the money Hicks and Gillett initially borrowed to buy the club last year, as well as purchasing new players like Fernando Torres in the summer.

The remaining £60million will go towards the club's new stadium at Stanley Park, revised plans for which will be unveiled shortly, according to reports in England.

The good news for the club and the fans is that not all of the new debt will be placed on the club, as previously thought.

The Guardianreports that £105million will be saddled on the club, and with £60million of that allocated for new stadium costs, the working capital debt will stand at around £45million.

The remaining debt will be spread between Hicks and Gillett's holding company 'Kop Investment', and the Americans themselves.  PA